Tax Consultation – only days left for agents to respo…
There’s just a week left – including the long Jubilee celebration period – for agents to respond to a major property tax consultation.
The Office for Tax Simplification – an independent advisory service to the government on simplifying the UK tax system – has issued a call for evidence, with rental property a key element.
Agents are being urged by a major industry figure to respond despite the busy-ness of the week ahead.
“As a PropTech provider we are seeking to engage with government at all levels to show how technology can help enhance trust and transparency in the private rented sector” says Neil Cobbold, managing director of automated payment service PayProp UK.
“In talking to representatives from the OTS, it’s clear to us that they welcome the input of letting agents and landlords as well as third parties on making property taxation more transparent.
“This is a valuable opportunity for … the wider industry to help clarify and further develop tax rules, and we would encourage any letting agent to fully contribute to the consultation.”
Cobbold says some aspects of the different tax regimes and deductibles for the different forms of rental properties can be a challenge for landlords and micro-companies that own property – and even professional tax advisers and letting agencies.
The OTS call for evidence – asking the sector to suggest improvements and efficiencies to the current property tax regime – could be a way to improve that complexity.
The OTS can then, as part of its remit, compile feedback from landlords, advisors and property professionals to put forward recommendations and advice to the Chancellor regarding how to make the UK tax system simpler for the property industry.
The review will consider, amongst other things, the way that property income fits into income tax; the different rules that apply to residential lettings and other forms of lettings; income from property overseas; as well as reliefs and exemptions.
Landlords are encouraged to submit their views via the survey on the consultation page of the OTS review of property income – while letting agents, PropTech providers and professional tax advisers can respond to the call for evidence via e-mail (firstname.lastname@example.org).
The call for evidence and survey will run until this coming Sunday, June 5, with findings expected to be published in the autumn.